Ripple has continued to strengthen its foothold across the Middle Eastern region amid efforts to boost blockchain adoption. The San Francisco-based firm has entered into a strategic partnership with the innovation arm of Riyad Bank, a prominent Saudi Arabian financial institution, to study the potential integration of blockchain solutions into Saudi Arabia’s financial infrastructure.
Ripple And Jeel: Transforming Saudi Arabia’s Financial Infrastructure
Ripple’s Managing Director Middle East and Africa, Reece Merrick, announced on Monday that the company is working with Jeel, Riyad Bank’s innovation division, as part of a deal to explore potential applications of blockchain technology.
The arrangement will entail a memorandum of understanding that focuses on cross-border payments, digital asset custody, and asset tokenization.
Saudi Arabia has previously established a Vision 2030 agenda to modernize its economy and financial infrastructure while reducing its dependence on oil exports. As such, the Ripple and Jeel alliance marks a material step toward achieving the vision.
The partnership with Ripple is remarkable given Riyad Bank’s size and role in the local financial system. The bank is among Saudi Arabia’s biggest lenders, with over $129 billion in assets, setting it as a fundamental participant in any wider shift toward blockchain-based financial services.
According to Merrick, Saudi Arabia has continued to play a significant role in global fintech innovation, and Ripple’s enterprise-grade digital asset technology aligns perfectly with both companies’ efforts to boost their financial infrastructure.
More broadly, Ripple has continued expanding its presence in the United Arab Emirates, a region that has positioned itself as one of the world’s most tightly governed hubs for digital assets.
Ripple has secured regulatory clearance for its dollar-backed stablecoin, RLUSD, to be used inside the Abu Dhabi Global Market (ADGM) after being formally recognized as an Accepted Fiat-Referenced Token.
Source: https://zycrypto.com/ripple-bags-deal-with-major-saudi-bank-to-explore-blockchain-payments-expanding-middle-east-footprint/
